Natural gas futures reversed early gains Tuesday as weaker physical prices squashed initial optimism from another producer curtailment to send the prompt contract to its fifth straight decline.

At A Glance:

  • Output falls to 100.6 Bcf/d
  • Warmth spreads to East
  • National Avg. sinks to 2024 low

The April Nymex contract settled at $1.714/MMBtu, down 4.5 cents day/day. The decline came as spring-like weather in early March and strong wind generation depressed gas demand below seasonal levels.

NGI’s Spot Gas National Avg. fell 6.0 cents to $1.285, its lowest level since October 2020. Prices fell across regions. West Texas held negative for a second day, while the Rockies showed the rare positive price movement as a major snowstorm moved across the region.

Nymex futures rose to a...